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 Office Of Foreign Assets Control

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updated Fri. May 4, 2018

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“Any US financial institution that becomes aware that it has possession of or control over funds in which a designated FTO or its agent has an interest, must retain possession of or control over the funds and report the funds to the Office of Foreign Assets Control of the US Department of the Treasury,” the US ...
The investors applied for a license from the U.S. Treasury's Office of Foreign Assets Control (OFAC) to assume the lien, according to a U.S. investor and documents seen by Reuters. The request, submitted in early October, has received basic technical approval but the group has yet to receive an answer ...

Financial institutions flag any transaction with phrases related to Cuba until it can be verified — through research by the institution or by the U.S. Treasury Department's Office of Foreign Assets Control. The money should be freed up this week, once everyone is convinced no business is being done with ...
On February 23, 2018, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned 56 vessels and shipping and trading companies for their support of the North Korean regime and evasion of sanctions. Also, OFAC, along with the U.S. Department of State and the U.S. Coast ...
It should also pursue other nonconventional options similar to the shipping advisory issued by Treasury's Office of Foreign Assets Control (OFAC) and the U.S. Coast Guard. While not expressly a new set of sanctions, the advisory will cause international shippers, and more critically, their insurers, to pay ...
On the enforcement side, the U.S. Department of the Treasury's Office of Foreign Assets Control (“OFAC”) has continued to push the boundaries of its jurisdiction and intensified its focus on non-financial entities, as demonstrated by its largest ever settlement with Chinese Zhongxing Telecommunications ...

A U.S. sanctions office announced Wednesday it's sanctioning several businesses and people, including those in Russia and China, that it says are helping North Korea financially. The Office of Foreign Assets Control has named 16 individuals, six vessels and several entities, including North Korea's ...
The guidance from the Treasury's Office of Foreign Assets Control (OFAC) states that U.S. firms can conduct transactions with companies on the sanctions list as long as the payment terms do not exceed the permitted loan duration. "In the event that a U.S. person believes that it may not receive payment in ...
Former Treasury officials told FP that the Office of Foreign Assets Control, the arm of the department that oversees sanctions enforcement, is already stretched thin with its current workload and needs more resources - not less - as it struggles to keep up with the faster pace. "You could double the budget, ...
The US government has launched a fresh round of sanctions targeting Iran's political and defence industrial base. The US Department of the Treasury's Office of Foreign Assets Control (OFAC) revealed on 12 January that it had designated 14 individuals and entities for sanction in connection with human ...
The State Department is responsible for implementing some of the sanctions, while the Department of the Treasury's Office of Foreign Assets Control (OFAC) is responsible for implementing others. These agencies have made clear that they may interpret the same terms from CAATSA differently, depending ...
This is the unanimous opinion of analysts and figures from the Nicaraguan opposition, after Rivas' name was included in the list released by the US Office of Foreign Assets Control of corrupt international officials to be sanctioned under the 2016 Global Magnitsky Human Rights Accountability Act. The ...
On December 21, 2017, the U.S Treasury's Office of Foreign Assets Control (OFAC) announced that Chechen leader Ramzan Kadyrov would be sanctioned under the Magnitsky Act for human rights abuses ranging from “torture” to “extrajudicial killings.” Kadyrov was one of five men recently added to the ...
... years of advocacy by Iranian NGOs outside the country, as well as licenses from the US Office of Foreign Assets Control that exempt certain services and transactions from the sanction policies, tech companies continue to deny services to Iranians that could be crucial to free and open communications.
The US Department of Treasury's Office of Foreign Assets Control (OFAC) has published two new Frequently Asked Questions (FAQ) concerning economic sanctions adopted in August against the Government of Venezuela, under Executive Order (EO) 13808. The first FAQ explains the treatment of ...
In addition, the Treasury Department's Office of Foreign Assets Control (OFAC), acting on behalf of the Secretary of the Treasury, in consultation with the Secretary of State and the Attorney General, imposed sanctions on an additional 39 affiliated individuals and entities under the newly-issued Order.
Both Mr. Kadyrov's Russian language and English language Instagram accounts and his Facebook page were removed just days after he was added to the Treasury's Office of Foreign Assets Control sanctions list. Chechnya, a majority Muslim area, is technically under Moscow's control, but Mr. Kadyrov ...

Facebook must comply with U.S. sanctions administered and enforced by the U.S. Department of Treasury's Office of Foreign Assets Control and the U.S. Department of State. This is "nothing new," according to the spokesperson, who declined to name other instances of this occurring. Last week's sanctions ...
Two of North Korea's “key leaders” of the country's ballistic missile development program were included in a list of sanctioned individuals released by the U.S. Treasury's Office of Foreign Assets Control (OFAC) Tuesday. Kim Jong Sik and Ri Pyong Chol became subject to travel restrictions and asset ...
On Dec. 20, an executive order from President Donald Trump placed Israeli diamond billionaire Dan Gertler on the Office of Foreign Assets Control (OFAC) sanctioned individuals list, because of his business ties with the increasingly controversial president of the Democratic Republic of Congo, Joseph Kabila.
“Treasury remains committed to holding accountable those involved in the Sergei Magnitsky affair, including those with a role in the criminal conspiracy and fraud scheme that he uncovered,” said John E. Smith, director of Treasury's Office of Foreign Assets Control. “We will continue to use the Magnitsky Act ...
By Chris Gillis |Friday, February 23, 2018. The Treasury Department's Office of Foreign Assets Control (OFAC) on Friday added another 27 shipping companies, along with 28 vessels, to its Specially Designated Nationals (SDN) List in an effort to prevent North Korea from further circumventing U.S. and U.N. economic ...
Licenses were granted the following year by the U.S. Treasury's Office of Foreign Assets Control (OFAC) for Airbus to sell 100 planes to national carrier Iran Air, which has also ordered 80 from Boeing. The European firm requires U.S. export licenses because some of its parts are manufactured there.
Even as 2017 was a year of constant changes in U.S. sanctions laws, the U.S. Treasury Department's Office of Foreign Assets Control has remained steadfast in its enforcement of existing measures, especially as they apply to export transactions. OFAC has broadened both the scope of its potential targets ...
RAPAPORT... Billionaire businessman and diamond investor Dan Gertler was among 13 people the Treasury Department's Office of Foreign Assets Control (OFAC) named as serious human rights abusers and corrupt actors. The Treasury imposed sanctions on those individuals in an executive order ...
“Faisal has recruited for and provided support to ISIS and his actions have influenced terrorists who engaged in bomb plots and other horrific attacks on innocent civilians,” John Smith, the treasury department's Office of Foreign Assets Control director, said in the release. “This designation will help deter ...
Likewise, Adam Szubin, the former director of the Office of Foreign Assets Control (OFAC), told the court that he never issued a warning that Halkbank was believed to be violating sanctions. OFAC also never sanctioned Zarrab until today. The defense team argues that the U.S. Treasury didn't do a good job ...
Dentsply Sirona HQ via https://corporate.dentsplysirona.com/en/ Dentsply Sirona agreed to pay the Office of Foreign Assets Control (“OFAC”) $1,220,400 to settle charges in connection with 37 unlicensed exports of dental equipment to Iran. The value of the shipments was not stated but it would have been ...
By placing Cambodian officials on the SDN list, the U.S. State Department and Office of Foreign Assets Control (OFAC) under the Treasury Department would block their assets and prevent U.S. nationals from doing business with them. The Magnitsky act, passed by Congress in 2012, was initially intended ...
... in the hundreds of millions to billions of dollars for money laundering and/or sanctions violations. Despite these fines and the addition of numerous cartel-related Mexican businesses and individuals to the U.S. Office of Foreign Assets Control “kingpin list,” illicit funds continue to cross international borders ...
The Treasury Department's current sanctions office, the Office of Foreign Assets Control is the successor to an office that President Roosevelt established in 1940 to administer the U.S. assets of European countries conquered by Nazi Germany so that the Nazis could not use the assets to support their war ...
On May 26, 2017, the D.C. Circuit upheld a fine imposed by the U.S. Department of the Treasury Office of Foreign Assets Control (“OFAC”) for violation of the Iran Transaction and Sanctions Regulations (“ITSR”) because the company had “reason to know” the thirdcountry recipient intended to reexport ...
Martinez still must establish residency and be unblocked by the Office of Foreign Assets Control before he can sign, but Badler says that should happen at some point before the 2017-18 international signing period ends June 15th. Severino, 18, is one of the 13 former Braves prospects who became a free ...
... held for review by the Office of Foreign Assets Control and finally sanctioned Sunday, Dec. 2. Donations can be made via GoFundMe at: https://www.gofundme.com/RESCUINGCHILDREN. To contact Bugi directly to assist with fundraising efforts email him at zirra.bugi@gmail.com or call 1-602-762-3985.
On November 21, the day after President Trump placed North Korea back on the list of State Sponsors of Terrorism, the Treasury Department's Office of Foreign Assets Control (OFAC) imposed additional sanctions in an action to “disrupt North Korea's illicit funding of its unlawful nuclear and ballistic missile ...
In conjunction with the order, the US Treasury Department's Office of Foreign Assets Control (OFAC) issued new guidance along with four general licenses that mitigate economic harm for certain US companies and allow for specific transactions that would otherwise be prohibited under the sanctions ...
Law360, Philadelphia (November 30, 2017, 5:09 PM EST) -- Cozen O'Connor notched a victory on Wednesday as a Pennsylvania federal judge agreed that the U.S. Department of the Treasury's Office of Foreign Assets Control had failed to adequately respond to a request from the firm for information about how to secure a ...
This Delaware LLC remained in "good standing" for months at the Division of Corporations in spite of having been placed on the Sanctions Lists of the Office of Foreign Assets Control in February. The managing owner of this narcotics trafficking enterprise purchased millions of dollars of properties in Miami ...
Effective November 9, 2017, the US Department of Treasury's Office of Foreign Assets Control (OFAC) and the US Department of Commerce's Bureau of Industry and Security (BIS) amended the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR), respectively, ...
Over the past few months, the United States government has relied upon its economic sanctions and anti-money laundering authorities to increase pressure on North Korea and its sponsor China. Treasury's Office of Foreign Assets Control (OFAC), Financial Crimes Enforcement Network (FinCEN), and the ...
On Friday, November 17, 2017, the US Department of Treasury's Office of Foreign Assets Control (OFAC) published enforcement information regarding a settlement reached between OFAC and BCC Corporate SA, a Belgium-based credit card issuer (BCCC). BCCC, which issues various payments products ...
American Express Office in Rome, image by User Mattes [CC-BY-3.0 The Office of Foreign Assets Control (“OFAC”) recently announced that it has extracted $204,277 from American Express as a result of 1,818 credit card transactions in the amount of $583,649.43 for purchases made in Cuba. At issue ...
On November 17, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) announced that it had reached a $204,277 settlement with a U.S. financial institution for alleged violations of the Cuban Assets Control Regulations (CACR). The settlement involves actions taken by an international ...
The Treasury Department on Tuesday targeted more than a dozen Chinese and North Korean shipping companies with economic sanctions as part of its effort to exert more pressure on Pyongyang. The department's Office of Foreign Assets Control (OFAC) targeted one person, 12 shipping companies and ...
... the safest future mode of travel to Cuba not subject to undue scrutiny through the US Treasury's Office of Foreign Assets Control (OFAC) will ...
... temporarily waived sanctions, and the Department of the Treasury's Office of Foreign Assets Control (OFAC) issued general licenses to simplify aid delivery," ...
The Office of Foreign Assets Control (OFAC) of the US Department of Treasury administers and enforces these economic and trade sanctions.
On November 9, 2017, the Office of Foreign Assets Control amended the Cuban Assets Control Regulations to implement changes to the Cuba sanctions program announced by President Trump in June of this year, which aimed to reinforce certain policies that had been relaxed by the Obama ...
The Treasury Department's Office of Foreign Assets Control has also restricted financial transactions at businesses on the State Department's ...
On Wednesday, November 8, 2017, the US Department of Treasury's Office of Foreign Assets Control (OFAC) announced amendments to its ...


 

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